October 6, 2023
Workers’ compensation rates have shrunk to such a low level in Florida, at least for some classifications, that they are causing problems and could be masking issues that will lead to higher premiums in coming years, Florida roofing contractors said Thursday.
“I’m not asking. I’m begging you to freeze rates for roofing classifications,” said Ralph Davis, of Streamline Roofing, in Tallahassee.
Davis, a member of the Florida Roofing and Sheet Metal Contactors Association, spoke Thursday at a hearing of the Florida Office of Insurance Regulation that examined a proposed overall, average workers’ compensation rate decrease of 15.1% and a 22% decrease for roofing jobs. The new rates were recommended by actuaries with the National Council on Compensation Insurance and would be some of the largest rate cuts in Florida history. If approved by OIR, the rates would take effect Jan. 1.